Bronzerock Ltd - Period Ending 2018-12-31

Bronzerock Ltd - Period Ending 2018-12-31


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Registration number: 09746710

Bronzerock Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

 

Bronzerock Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Bronzerock Ltd

(Registration number: 09746710)
Balance Sheet as at 31 December 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

203,157

203,376

Current assets

 

Stocks

5

815,224

883,774

Debtors

6

150,122

124,278

Cash at bank and in hand

 

974

217,354

 

966,320

1,225,406

Creditors: Amounts falling due within one year

7

(716,390)

(1,128,042)

Net current assets

 

249,930

97,364

Total assets less current liabilities

 

453,087

300,740

Creditors: Amounts falling due after more than one year

7

(9,564)

(21,042)

Provisions for liabilities

(5,606)

-

Net assets

 

437,917

279,698

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

437,915

279,696

Total equity

 

437,917

279,698

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Bronzerock Ltd

(Registration number: 09746710)
Balance Sheet as at 31 December 2018

Approved and authorised by the Board on 30 September 2019 and signed on its behalf by:
 

.........................................

M Fairweather
Director

 

Bronzerock Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
Avon
BS1 6NL
England

These financial statements were authorised for issue by the Board on 30 September 2019.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Bronzerock Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Land and buildings

Nil

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Bronzerock Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

 

Bronzerock Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2018

202,500

1,164

203,664

At 31 December 2018

202,500

1,164

203,664

Depreciation

At 1 January 2018

-

288

288

Charge for the year

-

219

219

At 31 December 2018

-

507

507

Carrying amount

At 31 December 2018

202,500

657

203,157

At 31 December 2017

202,500

876

203,376

Included within the net book value of land and buildings above is £202,500 (2017 - £202,500) in respect of freehold land and buildings.
 

The directors are of the opinion that the residual value of the land and buildings is in excess of the cost of acquisition. Therefore, the directors have agreed that depreciation of these assets would not be appropriate.

5

Stocks

2018
£

2017
£

Goods for resale

815,224

883,774

The replacement cost of stocks does not exceed the balance sheet stated. There is no provision for impairment.

 

Bronzerock Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

6

Debtors

2018
£

2017
£

Trade debtors

-

16,589

Other debtors

146,820

99,607

Prepayments and accrued income

3,302

8,082

Total current trade and other debtors

150,122

124,278

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

422,954

272,740

Trade creditors

 

51,626

190,151

Amounts owed to related parties

9

59,856

64,856

Taxation and social security

 

121,204

65,356

Other creditors

 

-

4,096

Accruals and deferred income

 

60,750

530,843

 

716,390

1,128,042

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

8

9,564

21,042

 

Bronzerock Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Finance lease liabilities

9,564

21,042

2018
£

2017
£

Current loans and borrowings

Bank borrowings

410,000

261,262

Bank overdrafts

1,476

-

Finance lease liabilities

11,478

11,478

422,954

272,740

9

Related party transactions

Transactions with directors

2018

At 1 January 2018
£

Advances to directors
£

Repayments by director
£

At 31 December 2018
£

M Fairweather

36,169

71,844

(15,060)

92,953

         
       

L Fairweather

(64,856)

(25,000)

30,000

(59,856)

         
       

 

2017

At 1 January 2017
£

Advances to directors
£

Repayments by director
£

At 31 December 2017
£

M Fairweather

(91,190)

141,265

(13,906)

36,169

         
       

L Fairweather

(96,075)

95,258

(64,039)

(64,856)

         
       

 

Where applicable, interest is accruing on the loans at the prevailing HMRC rates.

 

Bronzerock Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

Income and receivables from related parties

2018

Other related parties
£

Amounts receivable from related party

36,507

2017

Other related parties
£

Amounts receivable from related party

33,174

Amounts due from related parties are secured, interest free, have no fixed date of repayment and are repayable on demand.